融资约束如何影响了中国制造业的出口国内增加值率:效应和机制

How Chinese Manufacturing Export Enterprises’ Financial Constraints Influence the Domestic Value Added Rate:Effect and Mechanism

本文估算了中国制造业出口企业的融资约束及其出口国内增加值率,系统检验了融资约束对中国制造业企业出口国内增加值率的影响效应及作用机制。研究结果表明:融资约束显著抑制了中国制造业企业出口国内增加值率的提升;融资约束对中国制造业企业出口国内增加值率提升的抑制作用具有异质性,加工贸易企业、民营企业、低生产率企业、东中部地区企业的融资约束对其出口国内增加值率提升的抑制作用较大;中介效应模型检验结果显示,技术创新和成本加成率是融资约束抑制中国制造业企业出口国内增加值率提升的两个重要机制。因此,增强金融服务实体经济的能力,缓解中国制造业企业面临的融资约束状况,提升中国制造业企业的融资水平,同时提高其技术创新能力和成本加成率,是提高中国制造业出口国内增加值、推动中国向"贸易强国"转变的重要路径。

The paper calculated Chinese manufacturing export enterprises’ financial constraints and their domestic value added rate. Then, it tested how Chinese manufacturing export enterprises’ financial constraints impacted the domestic value added rate. The research shows that: Chinese manufacturing export enterprises ’ financial constraints significantly decrease the domestic value added rate. The decrease is heterogeneous and the financial constraints of processing trade enterprises,private enterprises,low productivity enterprises and enterprises in the east-central regions have greater impact on the domestic value added rate. The results of mesomeric effect model test show that the technological innovation and cost markups are two important mechanisms of the decreased effect above. Therefore,to improve the ability of finance services to the substantial economy and reduce the degree of Chinese export enterprises ’ financial constraints,while enhancing the financing level and encouraging technological innovation and improving the markups are significant routes to improve Chinese manufacturing exports’ domestic value added and make China a powerful trading nation.